NM HB232

Creates a one-time state income tax credit for New Mexico residents who purchase secure gun storage devices (safes, lock boxes, gun cases) on or after July 1, 2026, with a maximum credit of $1,000 per taxpayer

Limits total credits certified statewide to $500,000 per calendar year, with applications processed on a first-come, first-served basis through the Department of Public Safety

Credit is fully refundable, meaning taxpayers receive the excess amount if the credit exceeds their tax liability

Requires secure gun storage to meet technical safety specifications and be certified by the Department of Public Safety; storage must be lockable by key, combination, or similar mechanism

Credit expires for taxable years beginning January 1, 2029, and applies only to taxpayers who are not claimed as dependents